Westcore Energy Ltd.

December 11, 2009 13:54 ET

Westcore Initiates Winter Drilling Program near Hudson Bay, Saskatchewan

CALGARY, ALBERTA--(Marketwire - Dec. 11, 2009) - Westcore Energy Ltd. (TSX VENTURE:WTR) ("Westcore" or the "Corporation") is pleased to announce the start of the winter drilling program on its Hudson Bay North property, located immediately north of Goldsource Mines Inc.'s Border property near Hudson Bay, Saskatchewan (see Figure accompanying this News Release). Drilling equipment is currently being mobilized to the property with drilling expected to begin by the weekend. DJ Drilling, of Aldergrove, B.C., has been contracted to provide the drilling services.

As announced earlier today, Westcore has entered into a binding agreement with Goldsource pursuant to which Goldsource has agreed to review all of Westcore's Fugro airborne geophysical data (see Westcore's News Release dated Dec. 11, 2009). Using their proprietary geophysical matrix developed during the course of their extensive exploration programs at the Border property, Goldsource has identified a number of potential coal- bearing sub-basins on the Hudson Bay North property. Goldsource's success rate in locating coal deposits using its proprietary geophysical matrix is impressive, with 10 coal discovery holes out of 10 chosen targets (SGS Open House, Dec. 2, 2009). One of these hits includes Goldsource's largest discovery to date: the Niska Sub-basin, which is located 2.5 kilometres south of Westcore's property, and is reported to have Inferred Resources of approximately 90 million tonnes (see Goldsource News Release dated Nov. 9, 2009).

Westcore intends to test one or two targets before the end of the year and then continue with their winter drilling program after the New Year, once winter roads have been constructed. Approximately 20 holes in total will be drilled as an initial test of the coal targets, from which plans will be made for further exploration of the property.

Ellen MacNeill, Professional Geoscientist in the Province of Saskatchewan and Qualified Person for this news release, has reviewed and approved its contents.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 697-4005
    (403) 263-0271 (FAX)